The UK Financial Conduct Authority (FCA) has decided to make an order prohibiting Daniel Edwin Robert Pugh from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm, pursuant to s56 of the Act.

Between 1 March 2019 and 31 August 2020, Mr Pugh conspired to defraud investors by way of an investment fund, which functioned as a Ponzi scheme.

On 21 July 2025, Mr Pugh was tried and convicted for the following offences: one count of conspiracy to defraud contrary to common law; two counts of contravening the general prohibition by carrying on a regulated activity in the United Kingdom whilst being neither an authorised or exempt person; and one count of contravening the general prohibition on communicating a financial promotion in the United Kingdom by, in the course of business, inviting or inducing people to engage in investment activity whilst not being an authorised person, and where the communication was not approved by an authorised person.

On 6 October 2025 Mr Pugh was sentenced to a total of 7 years and 6 months imprisonment. In addition, he was disqualified from acting as a director by way of a Court Order for a period of 8 years, starting from the date he is released from prison.

The Authority concluded that Mr Pugh is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

The FCA considers that it is appropriate to take this action to advance its consumer protection and integrity objectives.